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Nigeria’s all-commodity group import index rose by a marginal 0.11 per cent in the fourth quarter of 2025. Data released by the National Bureau of Statistics (NBS) on Tuesday attribute the uptick primarily to higher costs for paper-making materials, textiles, and mineral products. Simultaneously, the export price index increased by 0.12 per cent, driven by…
The International Monetary Fund (IMF) has projected that Nigeria’s economy will grow by 4.3 per cent in 2027. This forecast, contained in the latest World Economic Outlook, represents a 0.2 per cent upgrade from the 4.1 per cent growth estimated for 2026. While the numbers suggest a domestic recovery, the IMF warned that global economic…
The Federal Government will use this week’s IMF and World Bank Spring Meetings in Washington, DC, to lobby for lower borrowing costs and fairer global financial terms. This diplomatic push comes as the escalating US–Israel–Iran conflict disrupts energy markets and tightens capital flows to emerging economies. Finance Minister Wale Edun aims to convince global lenders…
The Federal Government has triggered a sharp debate across Nigeria’s industrial landscape by slashing import tariffs on 127 items. A new fiscal policy, signed by Finance Minister Wale Edun, cuts duties on essential medicines, rice, and vehicles to ease the cost of living. While the move offers immediate relief to consumers, it has drawn fire…
Nigeria’s manufacturing sector bolstered the national treasury with over N2 trillion in tax contributions last year. Data from the National Bureau of Statistics show Value Added Tax (VAT) from factories reached N1.17 trillion, a 45% jump from 2024. Company Income Tax (CIT) followed a similar path, rising by a third to N881 billion. These figures…
Taiwo Oyedele, the Minister of State for Finance, has admitted that the nation’s recently enacted tax reform laws contain significant errors. Speaking at a legal conference in early 2026, he blamed manual drafting processes and multiple review stages for the discrepancies. This admission follows months of confusion and allegations that the public versions of the…
The World Bank has reported that poverty in Nigeria climbed to 63 percent in 2025, affecting an estimated 140 million people, even as headline inflation declined sharply from 34.80 percent in December 2024 to 15.15 percent in December 2025. The report shows poverty rising steadily from 56 percent in 2023 to 61 percent in…
Nigeria is seeking to replicate Indonesia’s leap into a $1.4 trillion economy as the Tinubu administration pursues its own $1 trillion target. Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, revealed this strategy following a visit from the Indonesian Ambassador, Bambang Suharto, in Abuja. The government intends to weave Indonesian developmental lessons into…
The Central Bank of Nigeria (CBN) has declared the country’s development finance sector critically undersized and in urgent need of a total overhaul. Speaking at the World Bank’s Nigeria Development Update in Abuja, CBN Deputy Governor Mohammed Sani Abdullahi revealed a staggering ₦230 trillion financing gap for micro, small, and medium enterprises (MSMEs). Nigeria’s current…
Nigeria has effectively ended its era as a mono-product oil economy. New data from Quartus Economics reveals that between 2010 and 2024, the federation earned N161.1 trillion, with non-oil streams now providing the majority of government income. For the first time in decades, tax and non-oil revenues have eclipsed crude oil as the primary pillars…
